VerifiedX, a decentralized Layer 1 blockchain protocol, has recently unveiled Vault Accounts, a revolutionary on-chain custody solution that is set to transform crypto security and user control, particularly for Bitcoin holders.
Unlike traditional custodial wallets or smart contract-based solutions, Vault Accounts are fully integrated into the VerifiedX network, offering a comprehensive range of features including time-locked transactions, one-click recovery, trustless escrow, and most notably, the ability to tokenize and recall Bitcoin (vBTC) without the need for intermediaries.
According to a core contributor at VerifiedX, “For the first time in blockchain history, users have a secure, decentralized method to store, manage, and recover Bitcoin with complete on-chain logic – no bridges, no third-party custody, and no smart contracts required.”
A major innovation at the core of Vault Accounts is programmable Bitcoin storage with built-in recovery logic. Users can mint vBTC (Verified Bitcoin), transfer it to their Vault, and utilize advanced features such as time-locking, transaction callback, and one-click recovery. This system creates a trustless escrow and programmable inheritance framework that was previously not possible with Bitcoin.
By leveraging the VerifiedX on-chain architecture, Vault Accounts eliminate the need for third-party hardware devices or multisig solutions. All encryption, backups, and asset logic are stored entirely on-chain, reducing attack surfaces and empowering users with complete control.
Upon creation, Vaults only require a secure password (which is never stored on-chain), a backup of encrypted vault data, and 5 VFX to fund the account (with 4 VFX burned upon activation). Once activated, users gain access to a secure environment where Bitcoin and tokenized assets can be securely stored, transferred, and reclaimed with absolute autonomy.
In the event of a breach, mistaken send, or compromised environment, users can execute a one-click recovery, transferring all Vault-held BTC and VFX to their private recovery address. This introduces a failsafe mechanism for Bitcoin that no existing wallet or network currently offers.
VerifiedX’s Vault Accounts offer a practical solution with real utility, focusing on solving genuine problems for both individuals and institutions. As the crypto industry matures, the need for secure, scalable, and user-friendly tools becomes paramount, especially for Bitcoin holders. Vault Accounts represent a significant advancement in responsible digital asset management.
VerifiedX is a sovereign, Layer 1 blockchain protocol designed to empower self-custody, asset tokenization, and decentralized commerce. With its Switchblade Wallet and novel features like Vault Accounts, VerifiedX provides tools that prioritize user control and security. The network operates independently, integrating Bitcoin as a core asset.
Vault Accounts are now live and accessible through the VerifiedX Switchblade Wallet. To learn more or experience Vaults firsthand, visit the VerifiedX website.
Please note that the views and opinions expressed in this content are those of the author and do not necessarily reflect the official policy or position of the VerifiedX team. This content is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
For further inquiries, you can visit the VerifiedX website, join their Discord community, follow them on Twitter, join their Telegram group, or check out their GitHub repository.